The limited liability company is not only a widespread business form for non-listed firms but also is used by listed companies. There were 20 publicly traded Delaware LLCs in September 2013. Given the policy of the Delaware legislators and courts to give a maximum effect to the principle of...

People not only obtain utility from actual outcomes but also from the conditionswhich lead to these outcomes. The paper proposes an economic concept of this notion ofprocedural utility. Preferences beyond outcome can be manifold. We distinguish proceduralutility people get from institutions as...